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TheDumDum
 3 years ago
Find the missing information
Original value: 24,500
annual growth factor: 1.06
annual growth rate:
time frame: 5 years
new value:
TheDumDum
 3 years ago
Find the missing information Original value: 24,500 annual growth factor: 1.06 annual growth rate: time frame: 5 years new value:

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amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1might help to include what this pertains to

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1growth factor and growth rate are synonomous to me, so im not sure what the distinctions would be.

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1is the rate in terms of money by chance?

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1P(1+rate) where 1+rate is a factor to im assuming the rate is just the .06 part; say 6% ?

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0I don't know I was absent for a week due to the flu and my teacher just gave me all this work and I don't no how to do it, I was hoping there would be a formula to this or something

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1you should have some material that you study from, a textbook or something?

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1im assuming here that factor and rate are related

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0no we don't have one we take notes in class but I wasn't there to take notes cuz I was sick

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1since the factor is: 1.06 and the factor can be written as: (1+ rate) would you agree that the rate is .06, or 6%?

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0i might if i new how u got that answer

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1they give you the factor as 1.06 in the information already

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0o ok that makes since lol sorry

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1now the end solution depends on how we are determining the interest rate. simple interest and compounded interest are 2 different beasts. and give 2 different answers.

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0ok im following you so which one do we use to find the new value

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1dunno, its not stated in the post that you presented us. That information is prolly either part of the material from which you are spose to be studying from, or you skipped over it while typing in the question

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0i typed the full question, but i have one side question to help me better understand this stuff, if the annual growth rate was 1% would that mean the annual growth factor is 1.01

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1that would seem a reasonable assumption to me :)

TheDumDum
 3 years ago
Best ResponseYou've already chosen the best response.0ok well you have been a lot of help thank you for your time

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1your welcome if you dont know the kind of interest; you can present both forms and ask the teacher which one it was talking about,

amistre64
 3 years ago
Best ResponseYou've already chosen the best response.1simple interest is a simple formula: Prt just multiply the starting value by the rate and the time given. in your case: $*.06*5 = new value compound interest can be tricker;\[P(1+\frac rn)^{nt}\] r is the rate, n is the number of times a year the interests is adjusted, and t is the number of years since your problem gives an annual rate, I would assume n=1 in this case. \[P(1+.06)^5=new~value\]
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